Twitter Inc. is poised to agree to a sale to Elon Musk for around $43 billion in cash, the price the chief executive of Tesla Inc has called his “Best and final” offer for the social media company, people familiar with the matter said.
Twitter may announce the $54.20-per-share deal later on Monday once its board has met to recommend the transaction to Twitter shareholders, the sources said.
Twitter has not been able to secure so far a “Go-shop” provision under its agreement with Musk that would allow it to solicit other bids once the deal is signed, the sources said.
Still, Twitter would be allowed to accept an offer from another party by paying Musk a break-up fee, the sources added.
Musk has said Twitter needs to be taken private to grow and become a genuine platform for free speech.
The sale would represent an admission by Twitter that its new chief executive Parag Agrawal, who took the helm in November, is not making enough traction in making the company
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